this is a done deal. >> that is the word uncertainty. that is what rules over everything we are doing. >> a lot of details we didn't have tonight we will have tomorrow night. thank you for joining us for this special edition. let not your heart be troubled the news continues on fox. >> this is a fox news alert. president obama says there is a deal. speaker boehner senate majority harry reid and mitch mcconnell says there is a deal. not so fast. that is just the leadership. it's not over. what about the raipg and file. the leaders must convince the rank and file already there is express content. will the tea party caucus and tore bead doe a deal. what's the deal? >> what is the dole? that's a great question. tell you what we are seeing. already in the house he is putting out a power point to do
that. senator reed finished doing the same thing in the senate. it is interesting we just found something different there is a democratic alternative to the balanced budget amend am possible in this deal. the plot thickens as to whether that changes in this make scombrup in the list of things that is in this deal. >> democratic alternative. that's not a particularly encouraging sign. balanced budget is significant to the budget of the gop and the house. >> there are different versions of it. i believe it was created senator mark udol of colorado. it's a different version of the balanced budget amendment that would not require two-thirds to raise taxes down the road. let's keep going in the big picture. there is enough time if all of the senators agree to fast track this to get a vote they can do this and it can start in the senate. that is the ideal we are hearing
pathway. when the tart vote started the market went down by over 700 points. the ideal path starts in the senate and goes to the house. they have a special rule in place they can do same day ra a try to handle this all day on monday to try to get the votes, ahead count before tuesday. >> in the house you have the far left the progressive caucus and tea party caulk cause both grumbling at least with all of the e-mails we see passing back and forth tonight. how certain is boehner he will get the numbers? >> more certain tonight. there are no votes obviously. there was a bit of a pickup in the defense cuts really stared some folks. half of the defense cuts in the so-called trigger. let me explain this quickly again. before thanksgiving a joint committee is set up.
6 lawmakers democrats 6 republicans. they come forward with the deeper cuts bigger cuts. if they are not able to do that and they are not able to pass in an up or down vote this punishment goes into effect these triggers. as it is set up now half are defense department cuts. that is a real problem for republicans. the other half is medicare cuts in these triggers but they are provider cuts for hospitals and doctors not on the beneficiary stuff. republicans said this is not a great deal on the cut thing. it tripped a few head count before speaker boehner today. >> the plot thickens. >> indeed. >> republican senator jeff sessions from state of alabama good evening, sir. what do you think? you like it or not? >> i haven't seen it yet. we have seen a little power
point outline and time and time again we found those to be inaccurate. the numbers do indicate there will be some reduced spending not nearly enough but real reduced spending that i think can be enforced. maybe a half or less than half of what we really need to do to get our country on a sound footing. it is not a debt ceiling that is a big issue. the debt ceiling is a process and opportunity for us to discuss the overall debt trajectory that is dangerous for america to give us an opportunity to reverse the trends. that's some progress driven by the last election but not enough. >> is there any sort of -- as you put into the power presentation or in this plan so that in the next congress we are in this mess again in terms of the trajectory? is this really finding o bindin on anybody for a period of time? >> it is binding.
a year or so ago we voted to declare the census an emergency. something that is required every ten years not an unexpected emergency. we declared it. the answer is yes congress can get around it. it will be more difficult. i think every american needs to watch and make sure that we are faithful to these modest committees to reverse our spending recklessness. >> do you have any idea the cuts will come in two places one is the military and the other is healthcare providers under medicare? >> i am concerned the military is improperly being targeted in this. what i am hearing is it could be much more severe on them than other agencies of the government certainly i wouldn't favor that. >> is that something that would be a game changer for you?
>> it would be a game changer for a lot of people. we will have to see what the language is. they shouldn't have to tighten their belt but disproportionately. >> assuming it is not disproportionately. >> i have said we have 7 days to review this bill. we have known this day was coming for six months. i warned they were going to wait until the last minute plop down a bill no one has time to read and demand you pass it because the markets might be open tomorrow morning and be unstable. unworried about the markets. this legislation should have been on the floor for weeks american people should no what is in it. it's not a deal, deal, dole it's what is in the legislation that's important. >> since you don't want to do anything at the last minute it expires september 30th. wait until the 28th and 29th of september.
why don't you stick around and handle that. >> that is a good suggestion actually. we have a real problem spendi s for next fiscal year that begins october 1st. we have surpassed only one appropriations bill and we have got 12 more to go and i don't see any of them moving very fast. so we will end up again with all piled up in one big bill at the last minute. we are asked to pass it. the senate robert byrd said there are two great senates roman senate and u.s. senate. u.s. senate could have been such a fabulous forum for national discussion about debt crisis. we really missed that opportunity. >> we should suggest it. i think it would be a little bit of a stink bomb. maybe we should suggest that you stick around to do that one. >> we need to be ready. we are going to be in the same position. you are right, september 30th. >> we are going to do the school drama again. >> unless something changes we are going to be in the same position. >> always nice to see you sir.
the other side of the aisle democratic senator mary landrieu is she satisfied with the deal. you haven't seen all of the details but from what you know tonight yes or no? you like it or not? >> i haven't seen the details but i am leaning toward voting for it. i think it's very, very important to avoid default. it's not just how the government hostage it's how every american, family and business hostage. we need to get past back to the crisis. i want to thank harry reid for working up to the lathes minute. it wasn't pretty. it was tough. i wish we would have more time as the senator from alabama said. it is what it is. and i am looking forward to the details tomorrow. hope we can get this done in the next 24-hours. >> maybe you ought to do that one, too. >> in fact the appropriations
process started. see if we can work out the agreement in the house in the home land appropriations bill. >> we talk about tax breaks and deductions. i looked at the power point and there won't be any tax increases. i know that's a big thing for the democrats and republicans have been fighting about it. are taxes going up with this or not? >> i haven't seen the details, tax increases are on the table. revenues are on the table. it's important they be. income coming into the government is at the lowest level since world war ii. people that pay high taxes don't want to believe that. but the fact of the matter is because there's so many loopholes in our tax code and because -- >> 5300. >> one percent income tax six percent income tax. that's in the fair. i am glad tax increases are on
the table and tax revenues maybe we can lower rates for some middle class families and small businesses. that is on the table i understand. defense cuts are on the table. discretionary cuts are on the table. to solve this problem we have to raise revenues and cut spending. >> you think that's -- this is on the other side of the aisle. is that going to be -- if taxes are on the table that seemed to be a rare significant item certainly for the freshman members of congress and republicans. is that going to be a deal breaker? >> i think that will be very tough for members of the house. i think the president fought hard for a balanced approach which is some defense cuts, some discretionary cuts and some revenue increases. >> speaker boehner on his call tonight said we have 98 percent of what we wanted. minority leader nancy pelosi. is he right the republicans get 98 percent of what they wanted.
>> what it seems like to me we devo avoided the default. we are going to get threw this for the next 24 months which is important. >> pass the election. >> it's not just pass the election. it's for two years. we don't want to engage in this kinds of holding the economy hostage every six months. we can fight about closing the government we can fight about appropriations we most certainly shouldn't fight about holding the economy hostage. >> if the economy were roaring it would be less of a problem. people would feel more optimistic we are on the right path. >> the economy is too weak. that's why i am objective of the fight over this right now. >> the economy is still weak two and a half years later. >> it has not worked as well as we hoped. it is better than doing nothing. that's why i object to people who say we shouldn't have done
it. >> how do we know that? >> we put money in the pockets of every american. we extended the tax cuts. you can see now -- >> we put 787 billion into it. >> you can see now the state governments are cutting back teachers are being laid off professors are being laid off. it is starting to weaken the economy. government spending at the appropriate time when you have a depression is important to do. >> i am not totally convinced when i look at all of the inned kuwait dorrs unemployment housing starts i am not convinced the stimulus bill has gone. i know the argument is we would have lost more. i am unconvinced. >> i was always moved to do something as opposed to nothing. it was a balance between tax cuts and additional spending. we have to be careful about pulling too much out of the economy.
i am glad the president avoided the default tonight. >> senator thank you very much. take a look at the details and there's much to be talked about. >> the republican senator ron johnson calls the secret behind the door's debt ceiling negotiations disgusting. is he satisfied with the proposed deal. the great state of wisconsin i might add. sorry to senator landrilandrieu. >> is it disgusting? >> yes. >> still? >> we are talking a deal that will be $2.4 trillion worth. think about what that is $2.4 million worth. you have a couple people negotiating this. it is ridiculous. talked about the federal government's budget here. >> we really do need time to review this. we don't want it like the healthcare law where nobody read
the thing. we don't want to pass to see what's in it. >> in terms of what you know so far the same question i possessed to senator landrieu and senator sessions. does it look like something that put your hands around something you are likely to vote for? >> here's the first problem. the rating agency everybody is keying in on that. they are saying we need $4 trillion to afford it. this will only be 2.4 trillion. >> i hate the rating issues. they are the ones who got into that mess the way the toxic cdo's they gave triple a ratings for. >> let's put it a different way then. what is happening right now is we have doubled spending in just the last ten years. 10 years ago we spend $1.8 trillion this is year 1.6 trillion and more. what the president's budget would do after 10 years increase that from 3.7 to $5.7 trillion. he could spend $46 trillion. all we are doing is lowering
that by what 9 huf900 million. i am an accountant. the only way you can really guarantee 900 billion of spending cuts is you better make sure you cut about 90 billion. i have seen estimate of 7 billion the first year maybe 22 billion. what is the control of the fact that we may get 9 billion in the first. there is no guarantee of 1.2 billion in the second. we have to control spending in washington. this is business as usual. this is a spending culture in washington. i came here to see if i could do something about changing this culture. >> is this in any way appealing? is oo anything good in it>> cbo estimated 3.4 million would lose numbers. 50 percent of employers will drop coverage.
there is 180 million people that get their coverage through prou employers now. healthcare law alone could eat up any savings this bill creates. >> from what i understand i can't say how you are a yes on this. >> this is totally inned a inad. it may be a step in the right direction but it's not fixing the problem. it's not about the august 2nd deadline it's about the amount of spendling and debt that this country is occurring. it's really the debt in relationship to the size of our economy. if it is 120 trillion large 14 trillion would be a problem. the economy is 14.8 trillion. that's the problem. we have way too much debt for the size of our economy. >> the continued resolution funding our government do you want to do that now or wait until the 29th of september. >> the democrats should have passed the house and the senate.
oo oo we are ore that one. >> no we are not over that. that's what is so disgusting about this. backing up against the deadlines and we are trying to spend trillions of dollars in a couple weeks. given these fwils we have no time to read them that is horrible government. it is going to produce an awful product. >> senator thank you, sir. we are going to go live where ed henry is standing by. >> spoke to a couple of white house officials laying out more details about how all of that came together. the president and vice president are working the knowns over the last couple dies talking to all of the key leaders reaching out to lawmakers to bring it to a conclusion. let me highlight one piece of the deal that is something to keep an eye on. we heard about the special committee of congress that will have to support a piece of legislation by thanksgiving and congress would have to act on
that by christmas giving them two key deadlines giving them 1.5 trillion in more spending cuts. what happens if they don't do it? we heard there would be dramatically more spending cuts split evenly between domestic and defense so democrats and republicans would each feel pain. there's another piece of this that hasn't gotten a lot of attention. these dramatic kutsz if congress fails to act would not take effect. they would not take effect until the beginning of january 2013. the white house is talking the fact that they were able to get that so the cuts would take effect in january of 2013. that is when the bush tax kutsz cuts expire. they were saying if the republicans have not come up with the prime address is balanced approach. structural tax reform here as well cleaning up subsidies, et
cetera. the president is now saying flatly he would veto the tax cuts for the rich. he extended those back in december in part because of the dire situation now and clout after the midterm elections. who will get cid the here is the president working the phones. one white house voted as well. last night this staffer was coming back here into the white house about 10:30 p.m. to get back to work. working around the clock here. motorcade was coming back from his residence to the white house. >> ed, thank you. >> the house's cat cup and balance the senate didn't vot bother to vote on it. do they agree with the wet debt ceiling. how about you?
the republican gop the freshman. are you satisfied with this? >> everybody else sat here tonight with you it is hard to make the judgments until you see the details. looks good. looks like it has the same components that cap and balance has. we know they were firmly behind that plan. hopefully it's enough to get this done and make sure we avoid this crisis. >> a lot of the tea party caucus has been criticized as being the ones who were somehow causing trouble or interfering. has been worth it? >> abc slightly. you look at our history as a country and how often we raised the debt ceiling with no conditions how we have done it with the debt ceiling over and over again. we got seventh a referendum that said go there and change things. >> you have a sense that other freshman gop in the house are satisfied to the extent we know the details and you will be
satisfied when you don't get anything else. recognizeing this crisis is coming. we have talked about it for a year and a half. we firmly believe this battle is why we were sent. >> they come down at the end of the day and envision that you get a whole package and to get part of it. we start that path down the right track. >> what do you think you didn't get that you wanted? what don't you think you get? >> i think everybody would like to see more substantial cuts especially in the first year or two they look to be small numbers. i haven't seen the details in this bill. in the other bill it was 22 million in this year than the next year. they won't be huge number that is blow our minds. we would like to see more than that. the balance the budget amendment to the states would be great. at home overwhelmingly people
support that. that makes common see. why would you not say it's a priority to balance your budget? that is something that a lot of us care deeply about. >> you learned about the gop president is that how you learned about it? >> that is a thing that is always a bugger. you sit there as a new member of congress you are amazed you are seeing a lot of the details in the news play out before you get the conference call. it had been in the media for half an hour. that is frustrating you would like to think you would hear some of the details first. that is one of the things we will fix up here. we need to keep working on it. >> senator johnson referred to the whole process as disgusting. it is hard to participate in the deal making. it is done behind closed doors. with more people in the room it's probably hard to get a deal. in the house it's different.
t our speaker let bills come do the floor we have offered hundreds of amendments. there's no more earmarks to try to get votes. this is the policy of what do you think is right and let's see if we can roundup the vote. >> did he go up with the wealthy americans. >> the president kept talking that. tomorrow of them are endorsing that. we will woch and see what happens the next daum days. the stock market as the jitters. neil cavuto goes on next. gingrich is here. will speaker boehner gets his
channel get it. right? >> demand it. >> who doesn't know. >> i watch you every day. how does this effect the american people? >> well, a lot depends a if it is passed. i think that will be a leap. already we are hearing from a number of caucuses within the house on the democratic side there are going to be a lot clearing the house is going to be a hurdle. assuming it is clear, though, one thing that surprised me that got lost in the headlines late in the night greta. that was the cuts the president was talking about. soaring on the news of this budget agreement met that has brought its form.
most a trillion dollars in cuts immediately. if it's 2013 phenomenon it's not going to go down. >> why? >> because they want to cut sooner than later. hopefully it springs eternal for cut in outer years. you know as the cuts go i said it before i will say it again i am not sure what i will have for breakfast let alone five or ten years down the road. you are holding presidents and congresses to this agreement now there is nothing binding. that's why more people are of the opinion why don't you get the cuts in first with ma many m early on it's a down payment. we have got to tighten the belt and deal with this. why are we having the cuts in 2013? >> i don't know.
>> is there a political element to this or economic element? >> 2013 is better than 2020. >> how about now? >> i agree. even when the commission gets around to the second cut -- >> might add sarcastically. >> before it gets around to the next rounds of cuts let's say thanksgiving or christmas we will be a half a trillion dollars deeper in debt. we are piling up at rate of 4 billion a day. think of it this way. we are going to look at additional cuts and be looking at half a trillion dollars in debt. >> i think that would make many american people hoping it will get us ahead of the game in terms of our financial condition. unless there's a good explanation for it.
>> i am not trying to be a -- it's far better to look at this as a discussion to compare government spending that is the growth of spending than not. there is something to be said about that. they have a point. i will say this. you have to stop spending a lot not just a little bit to reverse that trend. >> people watch on the record senator tom coburn study by the gao it's about this tall talks about the government we have 50 agencies doing the same job instead of one agency. ridiculous expenses we can possibly think of. to me there are a couple of things you can do right here. they are built into the program if you want to slow it down just a percent you could get all of
the balance within five years. one of the things that will be meddlesome for the market longer term and even in the near term is the idea that they have already put the number out there. you have a right to because they haven't been great in the past. it was a little thing called a meltdown. >> they have said look we would like to see $4 trillion in savings over the next decade. which are looking at free trades. we have all but threatened to cut our debt rating if we don't come to another. you call their bluff you would downgrade it now what. before it happened in 2008 in the middle of the financial melt
died. we will have more on foxnews.com. senate majori majority leady reid and mitch mcconnell says tlooesz a deal but that does not mean everyone is on board. phil beginning gree of georgia. based on what you know f sir do you expect to be voting for this or not? >> greta. i am not sure. i don't have all of the details. we did have a conference call a
hour ago. i am studying more into the we hours of the morning before i make that decision. right now i am going to hold on whether or not i am going to support it. i only supported boehner, too, when we put the balanced budget amendment, the requirement that it passes and is sent to the states and then i got on board we finally passed 218 to 210 and i switched over to a yes. it was taken out of the deal now. i am very concerned about that. >> you don't think there's a stand alone balanced budget amendment vote isn't there? >> i am not sure when that will be. as part of this deal there will be a balanced budget amendment vote. i don't know if that will be a clean balanced budget aendment or one super majority for
raising taxes. for the government to get the second crunch it would have to get two-thirds of the vote of house and senate and be committed to the states. it is just one provision in this new deal of that or to go ahead and have the cuts but by the commission and if they don't come up with the 1.5 trillion worth of cuts we go to the third option. but i felt very strongly that we need to do balance that balanced budget amendment before the president can get that. it's an absolute requirement that we do that. that is not in this deal. >> are you hearing other members of your party any one else sort of satisfied or dissatisfied with it?
>> i have heard from a lot of members as we talked about this and very well respected members some rank and file members some freshman indeed who are very enthused and very pleased as i am with the work at speaker boehner. leaderer reck cantor and our whip mccarthy. i think our side of the i'll did a heck of a job in negotiating with the president and senate majority lead. we control one-half of one-third of the federal government. we have one arm tied behind our back. >> speaker boehner quoted tonight by saying we the republican party got 98 percent of what we wanted. i am trying to figure out what the two percent is. >> the two percent is having an
absolute requirement that we passed a balanced budget amendment before the president gets the second. you call it two percent but it's a huge two percent in my perspective. i can name some names you know them better than i do. we have to get a whole lot of democratic support. speaker boehner would love to get half of the republican conference. i think he will. i can't commit to you tonight that i will be one of them. >> congressman thank you, sir. oot pressure is on but who will vote for it? does one side give more of the other side. the politics of the new deal is
a little early and we haven't seen all of the details. who will have a political star and political fad? >> this is a big win for the tea party. it occurred on their terms never had the debt ceiling something as the grounds paid for. they want big concessions they have real cuts a part of this and major concessions for the white house as part of this. i think political winner of this is president obama. he got a couple of things that he wanted. the debt ceiling again until after the presidential election. >> for economic reasons or political reasons. >> economic reasons i understand if you want to keep the markets from being jittery. >> that certainly. >> for political reasons you know making decisions for political reasons. >> i think it's a legitimate one. dealing with a presidential campaign for either the economy or nation's politics.
they get that and the triggers that are sitting there at the end of this special committee negotiations that are tilted pretty far to the left. >> they get 98 percent of what they wanted. this should not have been a an issue under previous precedence asking for more money to approve debt already approved the congress. the fact that you are able to get anything at all out of this setting up precedence you are going to be talking about budget cuts and debt ceiling increase. >> i will tell you the scary one if we have another committee in the town i may slit my throat. >> i thought oh brother. >> the super committee. >> it is too bad it is so serious. the whole idea we are going to create another committee. >> you split it by partisan. >> we have done that. we have go done that with a gamf
6 and simpson bowls committee. >> we can guess where they are going to get hung up. tax increases for the rich, this is where the if there were easy answers if any committee could come up with it we would be there already. they will do some things they may not want to do. you could decide not to take the committee's recommendations. those are fred pretty far out. >> i suspect the american people are sick of the new words we get see queststration. americans think like how much money do you have coming in how much do you need and if those aren't a little bit in sync you need to fix them. >> i am a little amuzed by some of the congratulatory statements i am reading in my e-mail. >> i think washington looks very bad. you do your job cut some kind of a deal here. >> september 30th coming up with continued resolution expires.
>> you thought it was a last fight. we will do it all over again. >> there are so many americans unemployed it makes me crazy there are so many hurting and whatever. >> super committees and ribbon commissions you can do the tires in blue. >> i have no idea. thank you for joining us. >> coming up deal or no deal americans want answers for government default or shut down. voters are down right frustrated. who do you think get to blame for this debt @@
>> less than who days left who is to blame. earlier today griff jenkins was on the ground outside of the white house. >> the republicans and house of representatives and democrat controlled senate americans of all stripes are upset and angry about this debt crisis. deal or no deal. it seems to be setting in.
>> seems to be a huge continuum. both are pretty serious. >> i think a representative is trying to do the best they can to try to represent the people make the decisions to the betterment of the country. >> i am glad that the republicans some of them are holding their grounds. i think it's important push two minutes and make sure we are able to put a cap on spending. >> do you guys blame anybody republicans or democrats or the white house that we have gotten this far into crisis? oo we have been trunk ken sailors as far as spending. we need to rain it reign it in that's the simple fact of it. >> thank you for being with us. see you all again tomorrow. we can talk all about this debt ceiling deal and the mess in